Everything You Need to Know About Sony's PS4

Now that some time has passed since Sony announced the PlayStation 4, we've decided to take a step back and compile what we do and don't know about the next-gen console.

Sony has announced many great features and a couple of unpopular ones, but the company is still quiet on certain details about the system. Although some information hasn't been released, there is definitely a lot to like about what we've heard so far.

Suspend mode: The PS4 allows you to power down the console without losing your place in a game. This lets you jump right back into a game after turning the system back on without waiting for the machine to turn on.

DualShock 4: The new PS4 controller features a touch pad, motion sensor, built-in speaker, headphone jack, and is Bluetooth-enabled. The controller can be charged while the PS4 is on standby, which saves a lot of power in the long run.

Used games: Although individual game publishers may be able to block the games, Sony itself won't prevent you from playing used titles on the PS4. Rumor has it that Microsoft will adopt a block on used games with its next-gen console.

Social gaming: The "Share" button on the DualShock controller will allow you to take quick screenshots or videos and share them with your friends. Live streaming is also possible on the PS4.

Cloud gaming: All PS4 games will be available as digital downloads. You can also play these games before they even finish downloading fully.

New generation, same prices: Game prices will start at 99 cents and won't surpass $59.99.

3D capable: The PS4 will support 3D, but it's not a focus, according to Sony.

Voice communication: Sony is set to release a new headset that plugs directly into the DualShock 4, increasing the prevalence of voice chat on the PlayStation Network.

PS4 on the go: An application for Android and iOS will allow mobile devices to act as a second screen for the system, allow remote content purchases and most likely include a messaging service.

Background apps: Certain apps, such as the web browser, can run in the background of games so you can access them without leaving the game you're playing.

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What we know it doesn't do:

Backward compatibility: The PS4 will not be able to play PS3 games. However, Sony has claimed to be working on a solution for playing PS3 games via the cloud system.

DualShock 3: The PS4 also will not support the DualShock 3, known as the PS3 controller.

Make breakfast: It's not a toaster.

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What we still don't know:

What it looks like: Sony hasn't released any images of the PS4 itself. It's probably a black box with computer stuff in it.

How much it costs: Rumors say between $400 and $500, but Sony hasn't given an exact price. It should however be cheaper than the PS3 was on release (it cost $500-$600).

How big the hard drive is: It's unclear what size hard drives will come with the base PS4 and whether the drives will be upgradable.